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Crude tumbles $2.03 lower

Posted on: January 10, 2017

Concern over Iraq’s compliance with the OPEC agreement drove prompt WTI futures down $2.03 to a final close of $51.96. Iraq’s oil exports from southern ports in the gulf reached record high levels for December end. OPEC announced that they are continuing to fulfill their obligation to curb production and have already implemented 60-70%.

However, apprehension over the effectiveness of the output reduction process lingers in the crude markets with some participants questioning whether full output amounts will be met at all, others pointing to the fact that the output figures are a “process” over six months and averages will be taken; we may not witness dramatic reduction in the initial months of the agreement.


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